REFILE-Total buys French electricity retailer Direct Energie

Reuters Staff

1 Min Read

(Refiles to fix spelling of “Energie” in headline)

PARIS, April 18 (Reuters) - French oil major Total said it will buy a majority stake in electricity retailer Direct Energie in a 1.4 billion euro ($1.73 billion) deal that will make it a major competitor for top French power utility EDF.

Total said it had entered into an agreement with the controlling shareholders of Direct Energie to acquire 74.33 percent of the firm’s capital at a price of 42 euros per share, ex-dividend of 0.35 euros per share, representing overall an acquisition price of approximately 1.4 billion euros.